National Mortgage News, Oct. 4, 2017–Kate Berry (subcription)In an interim rule, the Consumer Financial Protection Bureau said Wednesday that it would give mortgage servicers more time to send early intervention notices to distressed borrowers who have asked not to be contacted about collection of their debts.
Category: Top National News
Waters’ Bill Gives Power to Fed to Shut Down Megabanks
HousingWire, Oct. 4, 2017–Kelsey RamirezRanking Member of the House Committee on Financial Services Maxine Waters, D-Calif., introduced The Megabank Accountability and Consequences Act Wednesday in a press conference.
MSRs Being Auctioned on Over $300 Mil in GSE Loans
Mortgage Daily, Oct. 4, 2017MSRs on 1,415 Fannie Mae and Freddie Mac home loans with an aggregate unpaid principal balance of $339 million have been put up for auction. California properties secure 52 percent of the loans in the offering.
Over $800 Million in Freddie Mac Loans Sold
Mortgage Daily, Oct. 4, 2017Freddie Mac disclosed Wednesday that it sold 3,514 single-family loans with a collective unpaid principal balance of $817 million through a seasoned loan structured transaction.
Wells Fargo Executives, Board Must Facee Lawsuit over Fake Accounts, Judge Says
Reuters, Oct. 5, 2017–Jonathan StempelU.S. District Judge Jon Tigar in San Francisco said shareholders may pursue claims that Wells Fargo officials looked the other way as employees facing “unrelenting” pressure to meet sales quotas unlawfully opened accounts and misled the public about fraudulent practices at the nation’s third-largest bank.
CFPB OIG Outlines Areas of Improvement for the Regulator
HousingWire, Oct. 5, 2017–Brena SwansonAs the Consumer Financial Protection Bureau continues to develop, a report from the Office of Inspector General for the Consumer Financial Protection Bureau found some areas the bureau could work on.
Judge Orders Bank of America to Redo Settlement in Mortgage Dispute
Wall Street Journal, Oct. 5, 2017–Katy Stech Ferek (subscription)The bankruptcy judge handling a dispute between Bank of America Corp. and a California couple who were mistakenly foreclosed on refused to approve a settlement that would end their lawsuit on Wednesday.
SPS Grew its Servicing Rights 14% by Targeting Nonagency Market
National Mortgage News, Oct, 5 2017–Brad Finkelstein (subscription)Select Portfolio Servicing grew its mortgage servicing rights portfolio by over 14% in the second quarter by targeting opportunities in the nonagency loan market.
Mortgage Company President Pleads Guilty to $2.5M Fraud
Associated Press, Oct. 5, 2017The U.S. attorney’s office says 68-year-old Robert Pena, of Falmouth, pleaded guilty to one count of conspiracy and six counts of wire fraud on Wednesday. He is scheduled to be sentenced on Jan. 5.
$50 Million in Mortgages Sold
Mortgage Daily, Oct. 5, 2017The deal was announced Thursday by Mortgage Industry Advisory Corp. New York-based MIAC noted that its whole-loan desk placed the $50 million pool of mortgages.